中国的年金谜题与养老金领取行为研究——基于企事业年金领取偏好的调查

China's Annuity Puzzle and Pension Withdrawal Preferences:Result from Occupational DC Pension Participants' Withdrawal Preferences Survey

国际上有关研究发现,退休者在进行养老金领取决策时,通常并不是根据理论上最优的年金化方式领取,而普遍采取一次性领取的方式,这种现象被称为"年金谜题"。本文基于对部分企事业单位职工的问卷调查,研究了我国是否存在年金谜题现象,以及影响老金领取方式选择的主要因素。本研究先从理论模拟分析了不确定支出风险对退休者养老金领取决策的影响,并利用问卷实证研究了影响我国企事业职工的补充养老年金领取的影响因素。本文第一次发现和提出我国的年金谜题现象,同时分析了我国企事业年金领取行为及影响因素。研究发现,流动性需求担忧、投资收益态度、不确定的医疗支出担忧如长期护理费等和养老金默认领取方式对我国企事业年金领取行为偏好都有着重要影响。最后,本文基于发现总结对我国企事业单位的年金方案的设计提出建议。

Annuity Puzzle＇ has been found widely by literatures, an phenomenon that in reality the percentage willing to annuitize pension is surprisingly low even though annuity is proved to be optimal for retiree theoretically. We carried out survey of employees＇ preferences on occupational pension withdrawal, and aim to explore the existence of ＇annuity puzzle＇ in China and understand pension participants＇ withdrawal behaviors. We analyze the effect of uncertain on the pension participants＇ withdrawal choices via modelling, also further emprieally investigate other influencing factors. The existence of ＇annuity puzzle＇ in China is firstly found in this paper. We reexamine the influencing effects factors on employees＇ preferences, and find that different concerns, e.g. illiquidity concerns and health-related concerns, influence their preferences in different manners. We provide suggestions for enterprises to customize their occupational pension plans based on the findings.